# PNC Financial Services Group (PNC.US)

Canonical: https://gigainvestors.com/s/PNC

Analysis as of: 2026-10-16T07:31:15.664Z. Financial observations: FY2015–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

A wonderful business at a fair price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: yes.

Share price: $214.94 per share; close as of 2026-10-15.

Estimated value: low $204.80 per share, central $256.00 per share, high $341.34 per share. Buy at or below the central value $256.00 per share. Valuation as of 2026-10-16T07:31:15.664Z; scenarios are not confidence intervals.

Expected annual return: 10.8% at the stated quote. About 10.8% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- Financial history: 10 years

- Profitable years in the last ten: 10

- Required profitable years: 9

- Return on common equity variation (informational): 0.20×

Chart: Net income; fiscal year observations.

- FY2016: $3.7B

- FY2017: $5.1B

- FY2018: $4.3B

- FY2019: $4.3B

- FY2020: $2.7B

- FY2021: $5.4B

- FY2022: $5.7B

- FY2023: $5.1B

- FY2024: $5.5B

- FY2025: $6.6B

### moat: pass

- Tangible common book per share

- Parent-total proxy for preferred equity

- Bank / P&C ROTE, median of available years: 13.2%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 11.1%

- Cost / income, median: 62.8%

- Years with reported combined ratio: 0

Chart: Return on tangible common equity; fiscal year observations.

- FY2016: 11.9%

- FY2017: 15.5%

- FY2018: 11.6%

- FY2019: 11.1%

- FY2020: 6.2%

- FY2021: 12.6%

- FY2022: 18.2%

- FY2023: 14.0%

- FY2024: 13.8%

- FY2025: 14.3%

### economics: pass

- Tangible common book per share

- Parent-total proxy for preferred equity

- Book value per share + reinvested dividends, annualized return: 11.1%

- Book return interval: 10 years

- Starting book value per share: $67.62

- Ending book value per share: $116.08

Chart: Annual book + dividend return; fiscal year observations.

- FY2016: -5.6%

- FY2017: 12.6%

- FY2018: 21.2%

- FY2019: 15.8%

- FY2020: 24.2%

- FY2021: 3.6%

- FY2022: -18.8%

- FY2023: 27.6%

- FY2024: 16.3%

- FY2025: 23.4%

### management: pass

- Tangible common book per share

- Parent-total proxy for preferred equity

- Diluted shares, 10-year annual growth: -2.7%

- Diluted shares, 5-year annual growth: -1.5%

- Share growth excluding flagged crisis recapitalisations: -2.7%

- Five-year share growth excluding flagged crisis recapitalisations: -1.5%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 4.13×

- Book value created per share: $48.46

- Earnings retained per share after dividends and buybacks: $11.73

Chart: Shares (first year = 100); fiscal year observations.

- FY2015: 100

- FY2016: 96

- FY2017: 93

- FY2018: 90

- FY2019: 86

- FY2020: 82

- FY2021: 82

- FY2022: 79

- FY2023: 77

- FY2024: 77

- FY2025: 76

### accounting: pass

- Financial accounting warning count: 0

- Deposits, annualized growth: 5.9%

- Known restatement years: 0

- Years loan growth exceeded twice deposit growth: 1

- Years credit losses exceeded peer median: 4

## Holders

- [David Hoeft](https://gigainvestors.com/DAC): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Christopher Davis](https://gigainvestors.com/DAV): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Thomas Graham Kahn](https://gigainvestors.com/KB): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [David Katz](https://gigainvestors.com/MAVFX): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [William Browne](https://gigainvestors.com/TB): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

The price assumes profits grow 5.2% a year forever · "PNC ups guidance after Colorado deal boosts revenue" (finance.yahoo.com, Apr 2026) · net income +19.7%

Story as of 2026-10-16T09:59:25.142Z; price observation 2026-10-15.

The price assumes profits grow 5.2% a year forever

- 2025-04-10: Lower NII and Fee Income to Hurt PNC Financial's Q1 Earnings ([finance.yahoo.com](https://finance.yahoo.com/news/lower-nii-fee-income-hurt-162500658.html))

- 2025-07-16: Earnings Snapshot: PNC Financial Services tops Q2 estimates; updates FY NII growth to +7% ([seekingalpha.com](https://seekingalpha.com/news/4467690-earnings-snapshot-pnc-financial-services-tops-q2-estimates-updates-fy-nii-growth-to-7?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2025-10-15: PNC Financial stock dips after Q3 NII, Q4 guidance disappoint ([seekingalpha.com](https://seekingalpha.com/news/4504180-pnc-financial-stock-dips-after-q3-nii-q4-guidance-disappoint?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2025-12-09: Microsoft to invest $17.5B in India, PNC to allow bitcoin trading ([finance.yahoo.com](https://finance.yahoo.com/video/microsoft-invest-17-5b-india-154025028.html))

- 2026-01-16: Pnc expects 8% loan growth and 11% revenue increase in 2026 while integrating FirstBank ([seekingalpha.com](https://seekingalpha.com/news/4539975-pnc-expects-8-percent-loan-growth-and-11-percent-revenue-increase-in-2026-while-integrating?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2026-04-15: PNC ups guidance after Colorado deal boosts revenue ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/pnc-ups-guidance-colorado-deal-123940640.html))

### Net income · FY2025

net income +19.7%; source https://www.sec.gov/Archives/edgar/data/713676/000071367626000020/pnc-20251231.htm; observed 2026-02-20.

- FY2016: $3.7B 

- FY2017: $5.1B 

- FY2018: $4.3B 

- FY2019: $4.3B 

- FY2020: $2.7B 

- FY2021: $5.4B 

- FY2022: $5.7B 

- FY2023: $5.1B 

- FY2024: $5.5B 

- FY2025: $6.6B 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in regional banking; annual sales are USD 23.1 billion.

- Source: https://www.sec.gov/Archives/edgar/data/713676/000071367626000020/pnc-20251231.htm#000071367626000020 (filed 2026-02-20); FY2025: revenue 23099000000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); PNC.US: The PNC Financial Services Group, Inc. operates as a diversified financial services company in the United States. It operates through three segments: Retail Banking, Corporate & Institutional Banking, and Asset Management Group segments. The Retail Banking segment offers checking, savings, and money market accounts, and time deposit; residential mortgages, home equity loans and lines of credit, auto loans, credit cards, education loans, and personal and small business loans and lines of credit; and brokerage, insurance, and investment and cash management services. This segment serves consumer and small business customers through a network of branches, digital channels, ATMs, and through phone-based customer contact centers. The Corporate & Institutional Banking segment provides secured and unsecured loans, letters of credit, and equipment leases; cash and investment management, receivables and disbursement management, funds transfer, international payment, and access to online/mobile information management and reporting services; asset-backed financing, securities underwriting, loan syndications, mergers and acquisitions and equity capital markets advisory, and customer related services; and commercial loan servicing and technology solutions. It serves mid-sized and large corporations, and government and not-for-profit entities. The Asset Management Group segment offers investment and retirement planning, customized investment management, credit and cash management solutions, and trust management and administration services for high net worth and ultra high net worth individuals, and their families; and multi-generational family planning services. It also offers outsourced chief investment officer, custody, cash and fixed income client solutions, and retirement plan fiduciary investment services for institutional clients. The company was founded in 1865 and is headquartered in Pittsburgh, Pennsylvania.

### Why customers stay

It earns 13.2% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); 10-year return on tangible equity observations [[2016,0.11866109328926477],[2017,0.15536697106662978],[2018,0.11648917239302434],[2019,0.11145510835913312],[2020,0.062386585505914784],[2021,0.12590489048206513],[2022,0.18199209284530035],[2023,0.14048839312631897],[2024,0.1381529334875069],[2025,0.1430591511301586]]; median 0.132028911984786. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 1.3 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); Dividend observations: [[2016,1270000000],[2017,1502000000],[2018,1837000000],[2019,2131000000],[2020,2209000000],[2021,2289000000],[2022,2692000000],[2023,2878000000],[2024,2889000000],[2025,2943000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/713676/000071367626000020/pnc-20251231.htm (filed 2026-02-20); FY2025: cash repurchases 1338000000 USD.

### Are managers owners

Insiders own 0.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); PNC.US SharesStats.PercentInsiders = 0.303 percentage points; cache date 2026-10-16.

### What could break it

"Climate-related risks could adversely affect our business and performance" (SEC filing, Feb 2026)

- Source: https://www.sec.gov/Archives/edgar/data/713676/000071367626000020/pnc-20251231.htm (filed 2026-02-20); Climate-related risks could adversely affect our business and performance

### What the price says

The price assumes profits grow 5.2% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); Price 214.94; FX 1; original perpetual distributable cash 10.24005361224683; discount 0.1; growth 0.05235854837514269. Same book-value model and 4× ceiling; no ten-year operating fade applies. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $95.60 per share

- 2016-11: $110.54 per share

- 2016-12: $116.96 per share

- 2017-01: $120.46 per share

- 2017-02: $127.23 per share

- 2017-03: $120.24 per share

- 2017-04: $119.75 per share

- 2017-05: $118.70 per share

- 2017-06: $124.87 per share

- 2017-07: $128.80 per share

- 2017-08: $125.41 per share

- 2017-09: $134.77 per share

- 2017-10: $136.79 per share

- 2017-11: $140.56 per share

- 2017-12: $144.29 per share

- 2018-01: $158.02 per share

- 2018-02: $157.66 per share

- 2018-03: $151.24 per share

- 2018-04: $145.61 per share

- 2018-05: $143.41 per share

- 2018-06: $135.10 per share

- 2018-07: $144.83 per share

- 2018-08: $143.54 per share

- 2018-09: $136.19 per share

- 2018-10: $128.49 per share

- 2018-11: $135.78 per share

- 2018-12: $116.91 per share

- 2019-01: $122.67 per share

- 2019-02: $126.02 per share

- 2019-03: $122.66 per share

- 2019-04: $136.93 per share

- 2019-05: $127.26 per share

- 2019-06: $137.28 per share

- 2019-07: $142.90 per share

- 2019-08: $128.93 per share

- 2019-09: $140.16 per share

- 2019-10: $146.70 per share

- 2019-11: $153.21 per share

- 2019-12: $159.63 per share

- 2020-01: $148.55 per share

- 2020-02: $126.40 per share

- 2020-03: $95.72 per share

- 2020-04: $106.67 per share

- 2020-05: $114.04 per share

- 2020-06: $105.21 per share

- 2020-07: $106.67 per share

- 2020-08: $111.20 per share

- 2020-09: $109.91 per share

- 2020-10: $111.88 per share

- 2020-11: $138.07 per share

- 2020-12: $149.00 per share

- 2021-01: $143.52 per share

- 2021-02: $168.36 per share

- 2021-03: $175.41 per share

- 2021-04: $186.95 per share

- 2021-05: $194.68 per share

- 2021-06: $190.76 per share

- 2021-07: $182.41 per share

- 2021-08: $191.10 per share

- 2021-09: $195.64 per share

- 2021-10: $211.03 per share

- 2021-11: $197.00 per share

- 2021-12: $200.52 per share

- 2022-01: $205.99 per share

- 2022-02: $199.25 per share

- 2022-03: $184.45 per share

- 2022-04: $166.10 per share

- 2022-05: $175.41 per share

- 2022-06: $157.77 per share

- 2022-07: $165.94 per share

- 2022-08: $158.00 per share

- 2022-09: $149.42 per share

- 2022-10: $161.83 per share

- 2022-11: $168.26 per share

- 2022-12: $157.94 per share

- 2023-01: $165.43 per share

- 2023-02: $157.92 per share

- 2023-03: $127.10 per share

- 2023-04: $130.25 per share

- 2023-05: $115.83 per share

- 2023-06: $125.95 per share

- 2023-07: $136.89 per share

- 2023-08: $120.73 per share

- 2023-09: $122.77 per share

- 2023-10: $114.47 per share

- 2023-11: $133.96 per share

- 2023-12: $154.85 per share

- 2024-01: $151.21 per share

- 2024-02: $147.20 per share

- 2024-03: $161.60 per share

- 2024-04: $153.26 per share

- 2024-05: $157.39 per share

- 2024-06: $155.48 per share

- 2024-07: $181.10 per share

- 2024-08: $185.09 per share

- 2024-09: $184.85 per share

- 2024-10: $188.27 per share

- 2024-11: $214.72 per share

- 2024-12: $192.85 per share

- 2025-01: $200.95 per share

- 2025-02: $191.92 per share

- 2025-03: $175.77 per share

- 2025-04: $160.69 per share

- 2025-05: $173.81 per share

- 2025-06: $186.42 per share

- 2025-07: $190.27 per share

- 2025-08: $207.44 per share

- 2025-09: $200.93 per share

- 2025-10: $182.55 per share

- 2025-11: $190.72 per share

- 2025-12: $208.73 per share

- 2026-01: $223.30 per share

- 2026-02: $212.35 per share

- 2026-03: $208.09 per share

- 2026-04: $223.00 per share

- 2026-05: $221.12 per share

- 2026-06: $246.22 per share

- 2026-07: $249.87 per share

- 2026-08: $239.63 per share

- 2026-09: $222.26 per share

- 2026-10: $219.48 per share

## Annual estimated value (USD per share)

- FY2016: low $78.39 per share, central $86.23 per share, high $95.81 per share

- FY2017: low $95.79 per share, central $119.74 per share, high $159.65 per share

- FY2018: low $111.25 per share, central $139.06 per share, high $185.41 per share

- FY2019: low $122.81 per share, central $153.51 per share, high $204.69 per share

- FY2020: low $145.94 per share, central $182.43 per share, high $243.24 per share

- FY2021: low $148.65 per share, central $185.81 per share, high $247.74 per share

- FY2022: low $118.00 per share, central $147.50 per share, high $196.67 per share

- FY2023: low $149.96 per share, central $187.45 per share, high $249.93 per share

- FY2024: low $170.41 per share, central $213.01 per share, high $284.01 per share

- FY2025: low $202.26 per share, central $252.83 per share, high $337.10 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/713676/000071367626000020/pnc-20251231.htm); period 2025-12-31, filed 2026-02-20.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.